What is a Business Line of Credit & How Should it be Used
- is a predetermined amount of money that a business or nonprofit can use whenever needed.
- is a safety net for businesses or nonprofits, Business Owners or Executive Directors.
- Is different then business financing because it does not have to be used.
- is used for short term emergencies or opportunities.
- should never be used if the fundamentals of the business or nonprofit is not working.
- can be setup through a commercial or local bank or through Financing Solutions.
- is a great tool for any business or nonprofit just in case.
- Bank Line of Credit will require collateral. Financing Solutions Line of Credit does not require collateral.
- Bank Line of Credit requires personal guarantee. Financing Solutions does not ( unless in case of fraud)
- Alternative lenders have replaced banks for small businesses under $10 million in yearly revenue
Stephen Halasnik is Cofounder of Financing Solutions and has built several companies in the $5-$20 million per year range including an Inc 500 fastest growing company. Mr. Halasnik regularly writes and is a speaker about building businesses.
Financing Solutions provides lines of credit to business and nonprofits that is fast, easy and inexpensive. Their line of credit product costs nothing to set up and nothing until used making it an excellent backup plan. There is no collateral or personal guarantees required and you can receive a written offer after filling out an easy 2 minute online application or calling 862-207-4344.
In order to qualify for a business line of credit with Financing Solutions your business or nonprofit must be doing at least $400,000 in revenue per year and you need a 630 or greater personal credit score.